insurance industry

2023 Data Privacy Trends You Need To Know

As the number of privacy laws worldwide grows, organisations must pay attention to privacy trends to secure customers’ personal information and comply with privacy requirements. Significant fines for violating data privacy legislation aren’t the only reason businesses should strengthen personal data security. As users’ knowledge of their personal data rises, how personal data is handled according to the law affects consumers’ faith in firms and determines company profit

Here are the top data privacy trends and patterns to be aware of in 2023.

Companies will increase their investment in privacy technology.

  • Spending on privacy-related compliance with privacy legislation will continue to rise in 2023.
  • Companies will invest more in privacy technology to gain user confidence and avoid fines as new legislation emerges regularly. 
  • Advertisers and marketing companies now use business models that rely on exchanging personal information. 
  • This, however, is rapidly changing. Privacy-enhancing technology rose to prominence in 2022 and will continue to do so in 2023. 
  • Google introduced Privacy Sandbox in 2019 and is actively developing Trust token API and other privacy technologies to replace third-party cookies.

More career opportunities in data security and privacy

  • Globally increasing and evolving privacy legislation will result in more human data security employment in the following year. 
  • The recent surge in related occupations dispels the idea that Data Science and Artificial Intelligence will replace human work.
  • As a result, new technology education programmes have been developed recently to meet the need for data security employment. 
  • The demand for data security professionals and privacy legal counsel has lately increased. In 2023, the trend will continue.

More sanctions for violations of privacy will be imposed.

  • Big IT corporations were fined millions of dollars for GDPR violations in 2021 and 2022. 
  • The fines imposed by the Irish Data Protection Commission on Meta alone through the end of 2022 for violations of the GDPR and ePrivacy Directive is over €1 billion. 
  • In addition, the Irish Data Protection Commission is investigating 40 different major technology businesses.
  • This trend is expected to continue in 2023, with more corporations facing hefty fines for violating privacy standards, particularly those in Europe.
  • Privacy legislation, cookies, and other tracking technologies are continually developing, meaning that website owners must constantly update their existing Privacy Policy and manage personal information correctly. 
  • Use CookieScript Consent Management Platform to maintain your website GDPR compliant by automatically updating the Cookie Consent.

Greater transparency in personal data gathering and processing

  • According to a user privacy survey, website users appreciate data privacy
  • More than half of them would switch service providers because of their data rules or data-sharing practices
  • In 2023, the trend will continue. 
  • Businesses that take user personal information seriously will notice a rise in active users and earnings compared to their competition.

An increase in data subjects’ requests and complaints

  • The privacy rules’ data subjects are growing more aware of their rights and desire to preserve their personal information. 
  • Data subjects continue exercising their right to know, update, erase, or otherwise handle the personal information gathered by businesses.
  • There will be a significant increase in data subject requests and complaints in 2023.

Conclusion

In 2023, there will be a global increase in data privacy legislation, the development of privacy regulations in the United States, more investment in privacy technology, a trend toward a cookieless future, and other developments.

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